Balloon balance due what's my best option?

[Chara Hornbacher]

I have a property on Kauai that is up for refinance this next year. We owe 185k and the property is valued at 885k. We only have a tiny house as of now, but the infrastructure in place for a 5 bedroom dwelling. What should I do with the equity? Should I use it to build the big house and house hack (probably around 500k) ; or should I just take out enough for a down payment on a new property. Thoughts...